UPDATE: KeyBanc Starts Global Net Lease (GNL) at Sector Weight
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KeyBanc analyst Craig Mailman initiates coverage on Global Net Lease (NYSE: GNL) with a Sector Weight rating.
The analyst comments "We are initiating coverage of Global Net Lease, Inc. (NYSE: GNL) with a Sector Weight rating. GNL is an externally managed REIT that owns a global portfolio of triple net-leased office, industrial, and retail assets. Following a successful 2020 with minimal impacts from COVID-19 due to strong underlying portfolio credit, the Company continues to execute on its external growth initiative: accretively acquiring assets at premium yields with strong underlying credit, inplace escalators, and long remaining lease terms, emphasizing assets in the industrial/distribution asset class. We view the discounted valuation/premium dividend yield, growth opportunity, and strong underlying credit as the primary highlights of the story; however, we anticipate the externally managed structure and above-average leverage profile will remain headwinds in the NT."
Shares of Global Net Lease closed at $17.82 yesterday.
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